$1B Per Day: Oil Giants Profit from US-Iran Conflict

The recent US-Iran conflict sent shockwaves through global energy markets, causing Brent crude prices to surge to $126 per barrel in April. This price hike allowed the world's eight largest listed oil companies to amass nearly $93 billion in profits over just three months, with an average profit of more than $1 billion per day.

The biggest oil profits came from Saudi Arabia's state-owned Aramco, which reported a 34% increase in quarterly net income to more than $33 billion. ExxonMobil and Chevron also saw significant increases, with profits of $14.5 billion and $12.2 billion respectively.

Oil companies defended their high profits by arguing that they are necessary for future investments. However, this claim was met with criticism from President Donald Trump, who publicly rebuked ExxonMobil and Chevron for making 'too much money.'